Founded in 2020 by AIB, Bank of Ireland, Permanent TSB and KBC, Synch had ambitions of rivalling challengers such as Revolut and N26, by launching an account-to-account mobile payment service, allowing customers to purchase goods online and in stores, as well as to send and receive money “instantly” between contacts.
In a statement, Synch says it carried out a “careful and considered review of its business plan”, ultimately reaching the conclusion that “it was no longer feasible to launch its payment app Yippay into the Irish market” and that it will cease operations.
